Nasser Social Bank’s Budget Posts EGP 8.5 Bln In FY 2011/12

Nasser Social Bank’s board of directors has held a meeting today headed by the Minister of Insurance and Social Affairs Dr. Nagwa Khalil to approve the bank’s budget and final results for FY 2011/2012.

Khalil announced that the bank’s budget posted EGP 8.5 billion in FY 2011/2012 with an increase of EGP 1.5 billion from a year earlier. The value of surplus available for distribution rose by EGP 63.7 million as it reached EGP 571.4 million. The bank’s disbursed funds reached EGP 3924 million; up from EGP 962 million a year earlier.

The Minister affirmed in a statement today that the bank focuses on the sectors which achieve social development with the aim of fostering the principle of social solidarity. The bank helps the needy in receiving educational, training and healthcare services as well as providing them with in-kind and food products.

The bank also contributes to rebuilding houses in the poorest villages in Egypt and reducing the negative effects of catastrophes. The bank also offers non-interest loans to low-income people as it has disbursed EGP 121 million so far for 33774 persons.

The bank also gives the poor simple productive equipments in order to establish simple projects such as live stock, agriculture and craft projects as it offered about EGP 17 million for 6960 persons.